On 19 October 2018, the FCA published a webpage on its Green FinTech Challenge Initiative (the Challenge). The Challenge is aimed at firms developing green solutions that need specific regulatory support to bring their proposition to market. The Challenge is a pilot approach for ‘FCA Innovate’, and its outcomes will guide the FCA on whether to roll out further FinTech challenges.
The Challenge is intended to provide support, for a cohort of selected firms, to develop innovative products to assist in the UK’s transition to a greener economy. Examples of green solutions include:
- driving efficiency in the issuance, distribution or adoption of green products; and
- managing climate-related risk posed to market participants.
The deadline for submissions is 11 January 2019. Applications will be assessed against three eligibility criteria:
- assisting in the transition to a greener economy;
- benefit to UK markets and consumers; and
- need for Innovate services.